Ahmed Ezz, the Egyptian multimillionaire businessman and founder of Ezz Steel, has recorded a significant decrease in his fortune, as the market value of his stake in the leading steel producer plunged by more than $77 million in recent times.
According to data tracked by Billionaires.Africa, the market value of Ezz’s stake in the leading steel producer has declined by EGP2.4 billion ($77.70 million) since the start of the year, attributed to the recent drop in shares of the Cairo-based steel producer
Ezz Steel’s shares suffer a 7.9-percent plunge, market cap slumps below $1.5 billion
Ezz Steel, the largest independent steel producer in the Middle East and North Africa, has delivered impressive financial results in recent times, strengthening investors’ interest and confidence. With a total output of 5.14 million metric tonnes, Ezz Steel is far ahead of Saudi Arabia’s Hadeed and Emirates Steel.
Since the start of the year, Ezz Steel shares on the Egyptian Exchange have declined by 7.9 percent, falling from EGP92 ($2.977) on Jan. 1 to EGP84.7 ($2.742). This reduction in its share price has brought the company’s market capitalization below $1.5 billion, resulting in substantial losses for shareholders, including the leading industrialist Ezz.
Stock slump shaves $77.7 million off Egyptian industrialist’s wealth
The Egyptian industrialist owns 60.7 percent of the company, or 329,816,198 shares, in the steel behemoth — this significant stake not only positions him as one of the richest investors on the Egyptian Exchange but also as one of the wealthiest individuals in Egypt.
As a result of the recent decline in the steelmaker’s shares, the market value of the stake held by the leading industrialist has decreased by EGP2.4 billion ($77.7 million) from EGP30.34 billion ($981.97 million) on Jan. 1 to EGP27.94 billion ($904.27 million) at the time of drafting this report.